Asaak

Next generation asset-backed loans for Africa.

Analytics

Raised to Date: $911,643

Aggregate Commitments $
Platform

Republic

Start Date

02/24/2021

Close Date

04/14/2021

Min. Goal

$25,000

Max. Goal

$1,070,000

Min. Investment

$100

Security Type

SAFE

Funding Type

RegCF

Series

Seed

Valuation Cap

$10,000,000

Discount Rate

20%

Rolling Commitments $
Status
Funded
Reporting Date

04/21/2021

Days Remaining
Funded
% of Min. Goal

3,647%

% of Max. Goal

85%

Likelihood of Max
Funded
Avg. Daily Raise

$18,605

# of Investors

1,911

Momentum
Funded
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Location

Emeryville, California

Industry

Financial & Insurance Products & Services

Tech Sector

Fintech

Distribution Model

B2B2C

Margin

Medium

Capital Intensity

Low

Business Type

High Growth

Asaak, with a $10 million valuation cap, is raising funds on Republic. The company is focused on unlocking financial services for Africans through asset-backed loans. It has created an end-to-end lending marketplace helping Africans access financial services and investors to invest directly in loans. Kaivan Sattar founded Asaak in 2017 and has raised over $4.4 million since the inception. The proceeds of the current crowdfunding round, with a minimum raise of $25,000 and a maximum raise of $250,000, will be used for growth and expansion. Asaak has disbursed over 1,300 loans with an on-time payment collection rate of 95%. The company became profitable in the fourth quarter of 2020 and has a gross margin of 39% and a profit margin of 17%.
Summary Profit and Loss Statement
Most Recent Year Prior Year

Revenue

$166,003

$126,447

COGS

$147,888

$79,228

Tax

$0

$0

 

 

Net Income

$-391,364

$-1,239,642

Summary Balance Sheet
Most Recent Year Prior Year

Cash

$307,999

$223,055

Accounts Receivable

$0

$0

Total Assets

$538,436

$364,580

Short-Term Debt

$657,736

$342,514

Long-Term Debt

$0

$0

Total Liabilities

$657,736

$342,514

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